Dogecoin (DOGE) Price is Primed For Rally And Only 1 Thing is Holding it Back
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DOGE is showing bullish signs above $0.060. The bulls seem to be eyeing a major rally above the $0.0620 and $0.0630 resistance levels.
Dogecoin Price Faces Resistance
This month, BNB saw a bearish wave from the $0.090 resistance zone against the US dollar. The decline was flat below the $0.08 and $0.075 support levels.
The price broke below the $0.0600 support zone and settled below the 50-day simple moving average (blue). Finally, the bulls settled near the $0.0561 level. A base was formed near $0.0562 and $0.0565.
Dogecoin daily price chart | Source: DOGEUSD on TradingView.com
The price is now consolidating above the $0.0585 level. It is trying to break upside above the $0.062 resistance area like Bitcoin and ethereum. There is also a significant bearish channel on the daily chart with resistance at $0.062.
A clear move above the channel resistance could send the price towards the $0.0650 level and the 50-day simple moving average (blue). It is near the 23.6% Fib retracement level on the decline from the $0.0895 high to $0.0561.
The next major resistance could be near the $0.0720 level or the 50% Fib retracement level on the decline from the $0.0895 high to $0.0561. Any further gains could send the price towards the $0.085 level.
On the contrary, the price may not rise towards $0.062 and react to the downside. Immediate support on the downside is near the $0.058 level. The next major support is near $0.0562 and $0.0560.
If the bearish direction comes, the price may start to drop significantly towards $0.050. More losses could open the door to a move towards the $0.042 support area, where bulls may emerge.
Overall, the recent price action and xrp price rally above the $0.50 resistance point to a major upside potential above the $0.0620 resistance area. If the DOGE bulls continue their activity, the price may move towards $0.072 and then $0.085 in the coming days. On the contrary, there could be a level of $0.050 or even $0.042 on the downside.
The post Dogecoin (DOGE) Price is justified for a rally and only 1 thing is holding it back appeared first on CoinChapter.